A few months ago, reports emerged that Nigeria’s central bank was blocking foreign airlines from repatriating at least $744 million in a letter written by the International Air Transport Association (IATA) to the Minister of Aviation, Hadi Sirika.
The letter, which was cited by Punch newspapers, said that Nigeria has been the country with the highest amount of airline-blocked funds in the world for over a year. The amount owed has risen from $464 million in July last year.
IATA said that the central bank’s foreign exchange restrictions are making it difficult for airlines to operate in Nigeria. The restrictions are also making it more expensive for airlines to operate in Nigeria, which is leading to higher ticket prices for passengers.
Emirates Airlines halted flights to Nigeria last August due to challenges in repatriating funds. This challenge of procuring foreign exchange has plagued businesses and importers in Nigeria lately.
Fortunately, an end seems to be in sight with the launch of Swifia in Nigeria.
Swifia is a business banking platform that understands the specific challenges and opportunities of the African market. It provides dedicated support and localized payment options to businesses operating in Africa, ensuring that their financial needs are effectively addressed. This focus sets Swifia apart from products that have a more global or regional focus.
Unlike many other products that primarily cater to individual consumers, Swifia is designed specifically for businesses. This means that its services are designed to be more efficient, cost-effective, and secure than traditional banking services.
For example, Swifia’s virtual accounts allow businesses to create and manage multiple accounts in different currencies, making it easy to track and manage international payments. Swifia’s global transfers allow businesses to send and receive money quickly and easily to and from anywhere in the world. And its foreign exchange services allow businesses to get the best possible exchange rates when converting currencies.
How Swifia solves the challenge Nigerian businesses have faced with paying suppliers abroad is that they can simply make their payments in Naira through a local payment processor, while Swifia credits the supplier in the appropriate foreign currency.
This solution comes in handy for businesses looking to make frequent overseas payments but receive their income in a local currency. It removes the task of them sourcing forex to settle suppliers, letting them do business in the currency they receive money in.
One of the standout features is its provision of virtual accounts in four major currencies: GBP, USD, NGN, and EUR. This diversity allows users to conveniently hold and manage funds in different currencies, streamlining their financial operations and minimising the complexities associated with multiple accounts.
Furthermore, Swifia supports global transfers in over 50 currencies, providing an extensive network for international transactions. Whether it’s sending payments to suppliers or partners abroad, it ensures swift and efficient cross-border transfers.
Transfers made through Swifia are typically completed nearly instantaneously, depending on the destination and currency involved. This prompt processing time allows users to maintain agility in their financial dealings, enhancing their overall business efficiency and personal finance management.
In addition to its commitment to speed, Swifia places utmost importance on security and reliability by safeguarding customer data and transactions with the latest cybersecurity technology. By prioritising the protection of sensitive information, Swifia instils confidence in its customers, fostering long-term relationships built on trust.
Swifia’s arrival heralds a new era in financial services, providing businesses with unparalleled access to global banking capabilities. With its virtual accounts in multiple currencies, global transfer services, and forex offerings, Swifia empowers its customers to effortlessly navigate the international financial landscape. Embrace the future of global banking with Swifia and unlock a world of opportunities for your financial endeavours.
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